Actuators Market: By Motion (Linear and Rotary), By Type (Hydraulic, Pneumatic, Electric, and Others), By End-Use Industry (Aerospace & Defense, Automotive, Construction, Chemicals, Food & Beverages, Healthcare & Pharmaceuticals, Marine, Mining, Oil & Gas, Power Generation, and Others), and Geography

Actuators Market size was valued at USD 44,482.7 million in 2022 and is expected to grow at an 11.9% CAGR from 2023 to 2029. Actuator is a component or a part of a machine responsible to achieve physical movements by converting electrical, and hydraulic energy into mechanical energy. The actuators are majorly used in controlling and moving mechanisms of systems. The actuators are majorly used in various applications such as robotics, machine learning, and artificial intelligence. They are also helpful in automating various systems in the automotive, agriculture, food, transport, and medical industry. The growing population is expected to rise automation in industries. Thus, the increasing use of industrial milking robots to minimize human error and speed up production in the mechanical industry is expected to drive the growth of the actuators market. For instance, according to world robotics 2020, countries like Japan, the US, China, Korea, and Germany contribute about 73% of global robot installations. In addition, increasing commercial aircraft is expected to fuel the growth of the actuators market over the forecast years. For instance, actuators are used in various applications of aircraft like flight control, landing gears, seats, doors, and others. Emerging countries like India, Africa, and China have seen to increase the air travel in recent years which is expected to increase air passenger traffic and eventually increase the demand for actuators in aircraft industries. However, high installation costs and maintenance costs of pneumatic and hydraulic actuators, the risk associated with a steam valve, and reduced control quality are expected to hinder the growth of the actuators market over the forecast period. Whereas the wide array of applications employing the use of linear actuators such as electronics and electricals, marine, aerospace, defense, chemical, paper, agriculture, and others are expected to provide the opportunity to the market key players and new entrants in the growth of the actuators market.

Actuators Market Key Developments:

In December 2020, Rotork PLC launched its newly developed AC version of the PAX1 linear actuator.